Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 17 May 2023 3:58 pm

  API: Oil stocks increased by about 3.69 million barrels

  

  Data from the American Petroleum Institute, released in its weekly report on Tuesday, revealed that US oil inventories increased by about 3.69 million barrels in the week ending May 12th. Also, the data also showed that gasoline stocks fell by about 2.46 million barrels last week. Also, distillate inventories decreased …

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• 17 May 2023 2:52 pm

  The Japanese economy grew 1.6% year on year in the first quarter

  

  Government data showed that the Japanese economy grew by 1.6% on an annual basis in the first quarter of the year, as strong private consumption and an unexpected increase in capital spending offset the decline in external demand. The GDP figures for the first quarter far exceeded economists’ median estimate …

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• 17 May 2023 1:34 pm

  ECB looks for new top supervisor to succeed Enria

  

  The European Central Bank said on Wednesday that it is seeking for a new top bank supervisor to replace Andrea Enria, whose tenure expires at the end of the year. Candidates for the position of chair of the ECB’s Supervisory Board, the eurozone’s most senior banking watchdog, must apply by …

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• 17 May 2023 12:34 pm

  Japan’s Nikkei closed above 30,000 points for the first time in 20 months

  

  On Wednesday, Japan’s Nikkei index closed above 30,000 points for the first time since September 2021, supported by a weaker yen and a strong domestic earnings season. The Nikkei index ended Wednesday’s trading up 0.84 percent at 30,093.59 points, after hitting a high of 30,115.32 points in the afternoon session. …

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• 17 May 2023 11:48 am

  European stock futures edge higher

  

  European stock markets are expected to open in a cautious manner Wednesday amid U.S. debt ceiling uncertainty and ahead of the release of the final eurozone inflation figures for April. At 06:00 GMT, the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France climbed 0.1% and …

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• 17 May 2023 10:45 am

  Stability of gold amid concern about the negotiations to raise the US debt ceiling

  

  Gold prices were little changed on Wednesday, as investors worried about the protracted negotiations over raising the US debt ceiling, and the rise in the dollar also helped keep prices under control. Spot gold prices rose 0.1 percent to $1991.35 an ounce by 0455 GMT. US gold futures witnessed little …

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• 17 May 2023 10:00 am

  Oil is falling on demand concerns after a sudden increase in US inventories

  

  Oil prices fell for a second day on Wednesday after a surprise rise in US crude inventories raised concerns about demand in the wake of weaker-than-expected economic data from the United States and China, the world’s two largest oil consumers. Brent crude futures fell 29 cents, or 0.4 percent, to …

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• 17 May 2023 5:17 am

  Market Drivers – US Session – 16/05/2023

  

  Gold was subject to a sharp drop below $2,000, remaining under pressure and potentially testing the crucial support level of $1,970. Silver also lost ground, falling to $23.60. Crude oil prices retraced some of Monday’s gains, with WTI ending around $70.55. Cryptocurrencies also experienced losses; BTC/USD falling below $27,000 by …

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• 17 May 2023 4:34 am

  What signals have Fed officials sent to market within 24H

  

  “Fed will have to stay ‘super strong’ in its inflation commitment,” said Federal Reserve (Fed) Bank of Atlanta President Raphael Bostic while participating in a conference hosted by the Federal Reserve Bank of Atlanta. “Fed is ‘far beyond success’ on its employment mandate, a ‘bit of pulling back’ in the …

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• 17 May 2023 12:38 am

  Stocks mixed amid debt-ceiling talks, retail sales data

  

  Wall Street is watching for signs of movement in the debt-ceiling impasse, with a meeting between President Joe Biden and House Speaker Kevin McCarthy set for Tuesday afternoon in Washington.US stocks were mixed during midday trading on Tuesday as investors digested fresh economic data and focused on negotiations over the …

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• 16 May 2023 11:39 pm

  Oil retreats on dimmed demand outlook after China, US data

  

  Oil futures retreated on Tuesday as weaker-than-expected economic data in China and the United States counterbalanced a forecast of higher global demand from the International Energy Agency. Brent crude futures settled 32 cents lower to $74.91 a barrel and US crude edged down 25 cents to $70.86. Chinese data showed …

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• 16 May 2023 10:46 pm

  Home Depot’s Q1 earnings send warning signs for US retailers

  

  Home Depot’s weak Q1 earnings send warning signs for other retailers. The revised prediction for Home Depot shows that even more affluent Americans who own homes have started to be frugal with their money. Target and other retailers who report in the upcoming weeks may be worse off due to …

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• 16 May 2023 9:42 pm

  Gold falls amid high US bond yields

  

  Gold prices fall 1.48% as US economic data showcases resilience, led by strong retail sales and industrial production figures. Hawkish tones from Fed officials Mester and Barkin contribute to rising US Treasury bond yields, further pressuring gold prices; trading at $1985. 76 per ounce at the time of writing. Upcoming …

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